Scaling a business to 7 figures is often seen as a benchmark pinnacle of success. However, scaling a business to 8 figures is a different story. In order for a company to be successful in breaking that 7-figure threshold, a game plan and strategy must be behind every aspect of the business. To fully grasp what it takes, we interviewed Shawn Henry, Founder, and CEO of Efficient Home Services. Henry took EHS from a dream on a whiteboard to an 8-figure company ranked by Inc Magazine’s 5000 fastest-growing privately-held companies in the U.S.
Prerequisites for Scaling Past 8 Figures
Oftentimes, we like to think that the path towards success is linear, but a true “path” is non-existent. The most successful businessmen and women share that you must make your own path in order to truly make it. Paving your own path is one thing, but it takes a specific individual to create success like Efficient Home Services has seen. According to Shawn, some of these characteristics include being able to operate with urgency, having a winner’s mindset, and overall focus on being the best version of yourself. By understanding where you fall under these metrics, you can gauge if you’re the type of person who can build a business that scales to 8-figures.
When you take on any venture in business, you would be naive to underestimate the number of obstacles you’re going to face while scaling a business towards an 8 figure revenue goal. For example, working capital: this means understanding how to better increase your money based on realistic growth. Next, emphasize the importance of closely monitoring your marketing budget. You don’t have to be the best marketer in business, but you should have a solid proficiency in the foundational marketing strategies that keep spending low. Free marketing such as word of mouth, referrals, and organic traffic is a must. The final and most important step is hiring a trustworthy team. For scaling to be possible, it cannot be done alone. Appropriate, reliable staffing in all positions helps you to avoid micromanagement and focus on big picture operations.
Essential Components to Scale Past 8 Figures
Every business should have these components in place before even thinking about reaching seven figures, let alone eight.
- Sales – Sales are going to be the only thing that keeps cash flow pumping into a business during a scaling phase. To keep your sales on track to produce 8-figures in revenue throughout the year, you need to ensure your sales training is top tier. Your sales representatives should each have individual goals to reach the number on the big picture scale.
- Customer Service – Nothing can make or break a company’s reviews, referrals networks, and recurring customers faster than having poor customer service. If you are scaling a business towards the 8 figure mark you must keep customers happy and allocate properly trained staff to manage any customer inquiries.
- Building the Vision – You may have the vision, and it might be powerful, but every person who’s succeeded in business mastered how to build a vision for their employees. The moment you have your team share your vision, the sky is the limit and you can rest assured that they will be on track to fulfilling your vision alongside the business.
Shawn’s 3 Steps to Go from 7 to 8 Figures in Your Business
Step 1: Pay attention to small details
Pay attention to any small details that you deem important. There should be no item within the company that is too big or too small for you to care about. As a leader you should also celebrate the little victories within your team, it will boost morale and help your team continue pushing the momentum towards a bigger goal.
Step 2: Know Your Market
Understand every aspect of your market: what works, what doesn’t. Once you know everything about your market, focus on your company’s strengths, and dominate that niche. Set yourself apart.
Step 3: Work as a Team
Work as a team. No one can scale a business past 8 figures completely alone, it takes multiple people all working towards one common goal to build a company to that level. Instead, focus on helping every person within your company become a well-oiled gear in one big machine.